Gazprom Sits Out Shale Race

NEW YORK—As many of the world's biggest energy companies vie for shale-gas assets, a top executive at Russia's OAO Gazprom said it doesn't plan to join the frenzy.

"Our traditional reserves are tenfold more efficient than shale resources" to develop, Gazprom Deputy Chief Executive Alexander Medvedev said in an interview Thursday. "In Russia, we put [shale] on a long shelf and maybe in 50 to 70 years we will look at it...